Pushpendra Singh

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TxFlow referral code TXPUSH, and what you are signing up to

A perpetuals DEX on its own L1, live since March 2026. Non-custodial, no KYC, gated. The code, the fees, and the risks nobody else lists.

Not for readers in India

TxFlow is a DEX and is not named in FIU-IND's notices, but it is also not registered, takes no KYC and deducts no TDS. Nothing is reported on your behalf, so the whole Indian tax record is yours. Checked 6 November 2026.

Use CoinDCX or Binance instead. Both are registered with FIU-IND.

The offer

TxFlow. 5% off trading fees on your first $25M of volume

Referral code: TXPUSH

Affiliate link. I earn a commission if you sign up. It costs you nothing extra.

Get this offer →

What's good

  • Non-custodial, so there is no exchange balance for an exchange to lose
  • Perpetual fees of 0.015% maker and 0.045% taker undercut most centralised venues
  • Fully on-chain order book rather than an AMM, so it behaves like an exchange you already know
  • 150 or more perpetual pairs, including tokenised US stocks, metals and oil
  • No KYC, and no custody to go with it, which is the honest version of that trade

What isn't

  • Launched 28 March 2026. Seven months is not a track record, it is a sample
  • Only the bridge contract has a public audit, by OpenZeppelin. The rest does not
  • Needs an access code before you can trade, obtained from their Discord
  • Account-abstraction wallets can leave funds stuck in the contract, per TxFlow's own warning
  • Thinner liquidity than the large perp venues, so check depth before a large order
  • The airdrop everyone is there for has never been confirmed. Only a fee rebate is

TxFlow is a perpetuals exchange that runs on its own Layer 1 chain, with a fully on-chain order book. It went live on 28 March 2026. By the standards of this list it is an infant.

I am including it because the design is genuinely interesting and because people are already asking me about it. I am not including it because I think it is safe. Those are different claims and I want to keep them apart.

What it actually is

Most decentralised exchanges you have used are automated market makers: you trade against a pool, and the price moves along a curve. TxFlow runs a central limit order book, the same structure as Binance or Bybit, except the book itself lives on-chain. Limit orders, market orders, and a visible depth chart all behave the way you already expect.

Collateral is USDC. Deposits are free, withdrawals cost between 0.1 and 0.5 USDC depending on the network.

Fees at the base tier are 0.015% maker and 0.045% taker on perpetuals, and 0.04% / 0.07% on spot. Those are low. Volume tiers run to VIP 6, where maker fees reach zero from $500M of 14-day volume onward. Most readers will never leave the base tier, so the base tier is the number that matters.

You need an access code

This is the part the review sites get wrong, some of them saying access is open. It is not. TxFlow requires an access code before you can trade, and codes come from their official Discord.

My referral link carries my code and gives you 5% off fees on your first $25 million of volume. I will not pretend that ceiling is a meaningful constraint for anyone reading this.

The warning I would put above everything else

TxFlow’s own documentation advises against using account-abstraction wallets (smart contract wallets rather than a standard key pair). With one of those, trading and withdrawals can fail, and their stated worst case is funds stuck in the contract.

If you do not know which kind of wallet you have, it is almost certainly a normal one and you are fine. If you use a smart-contract wallet, a multisig, or anything with social recovery, check before you deposit a rupee. This is the single most likely way to lose money here, and I have not seen another page mention it.

What “no KYC” does and does not get you

It gets you an account without a passport upload. It does not get you out of tax.

Wherever you live, a realised gain is a taxable event whether or not anybody asked for your ID. The difference on a DEX is that nothing is deducted or reported for you, so the entire record-keeping burden is yours. In India that means a 30% charge on gains, no offset for losses, and a 1% TDS obligation that no DEX will handle on your behalf. “No KYC” moves work from the exchange onto you. It does not remove it.

I wrote this out properly in no KYC does not mean no tax.

On the airdrop

Most people asking me about TxFlow are really asking whether farming it now pays later.

There is no confirmed airdrop. There is a points system and a fee rebate. Several review sites imply a retroactive distribution, and that implication is doing a lot of work in their conversion funnel. Trading volume you would not otherwise have traded, in the hope of a distribution nobody has promised, is a cost you have definitely paid against a reward that might not exist.

If the fees and the product make sense for you, trade there. If the only reason is the airdrop, you are paying taker fees for a lottery ticket.

How much to put on it

Less than feels reasonable. Seven months old, one audited contract, thin liquidity, and a novel chain underneath. Non-custodial removes the risk of the exchange losing your balance, and it does not remove smart contract risk, bridge risk, or chain risk. It moves the failure mode, it does not delete it.

TXPUSH is my referral code. I earn 10% of the net trading fees you pay, and you get 5% off yours. That is a larger share than most exchange programmes pay, which is exactly why you should read the cons list above twice.

I have written a full assessment, including whether this is the next Hyperliquid or just the current rotation, in will TxFlow be the next hype.